Before comparing trust deed providers, get advice on whether a protected trust deed is suitable for you. It is a Scottish insolvency arrangement with fees, restrictions and possible risks to your home and other assets. A high review score or advertised approval rate cannot establish that it is right for you.
MoneyNerd provides general information and introductions, not personal debt advice or provider recommendations. We may receive a fee if you proceed with a debt solution through our partner, The Debt Advice Service. This page does not rank providers as “best”.
Check the practitioner and the firm
Ask for the name of the licensed insolvency practitioner who would act as trustee, their authorising body and the firm’s legal name. Clarify whether the business you first contact is an introducer, adviser or the trustee’s firm, and who will receive your details. Do not treat a general claim about FCA regulation as proof of an insolvency practitioner’s credentials.
Compare the full costs
Trustees charge for setting up and administering the arrangement. Ask for a written explanation of fixed fees, any percentage-based charges, other expenses and when they are taken. Payments from your contributions or assets are still costs. Ask what you would owe if the trust deed does not become protected or if it fails.
Ask about suitability and alternatives
A full assessment should consider debts, income, reasonable household costs, assets and any additional needs. Ask why the proposed solution is suitable compared with a Debt Arrangement Scheme debt payment programme, bankruptcy or another arrangement. Ask how changes in income would be handled and whether the payments are sustainable.
Agree in writing how your home, car and other assets would be treated. Check the effect on joint borrowers, employment and your credit record. Not all debts are released at completion, and approval does not guarantee successful completion.
Understand the protection process
A trust deed is not protected merely because you sign it. The creditor response and registration requirements must be completed. Objections can prevent protection. Ask the trustee to explain the process and what happens if protection is refused. Read the Accountant in Bankruptcy guidance on objections.
Evaluate service over the full term
Ask who will handle your case, how to contact them, what happens if you miss a payment and how complaints are handled. Look for recent reviews about ongoing service and discharge, as well as the initial conversation. Check review dates and sources, and ask how any claimed success rate was calculated.
Be cautious about pressure to sign, guaranteed write-off percentages or promises that no creditor will ever contact you again. Important statements or notices can still arrive. Keep all legal deadlines and ask your trustee about any unexpected demand.
Get free advice before signing
You can speak to a local Citizens Advice bureau, council money-advice service or National Debtline in Scotland. Accountant in Bankruptcy’s information document provides for at least three days to consider the advice before signing. Use that time to ask questions or obtain another opinion.
Read Accountant in Bankruptcy’s key facts, mygov.scot’s application guide and National Debtline’s guide to trust deeds.
